News Column

Greece to Build Formula One Racetrack to Attract Tourism

Oct. 3, 2012

Greece on Wednesday said it intends to unblock a subsidy worth $37.3 million (28.9 million euros) in order to build a Formula One racetrack to attract badly-needed tourism.

The development ministry said it will build the circuit near the western port city of Patras. The project will run to a total cost of 94.6-million-euros and will be build by private investment company racetrack Patras SA.

The government said the project will help create jobs and boost tourism in a country suffering from its fifth year of recession.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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